Common use of Reserve Allocation Clause in Contracts

Reserve Allocation. Under Section 10 of the Law (2008 revision), the net profits of the Authority, after provision for all expenditure and reserves, shall be allocated such that the Currency Reserve Assets represent at least 100% of demand liabilities and the General Reserve does not exceed 15% of demand liabilities. Any surplus, not allocated in accordance with the above, shall be transferred to the general revenue of the Cayman Islands Government. Note 17 - Reserves and Capital continued 2009/10 $ 2008/9 $ 2007/8 $ Budget Estimated Actual Actual Capital: The capital of the Authority is $100,000,000. The Cayman Islands Government is the sole subscriber.

Reserve Allocation. Under Section 10 of the Law (2008 revision), the net profits of the Authority, after provision for all expenditure and reserves, shall be allocated such that the Currency Reserve Assets represent at least 100% of demand liabilities and the General Reserve does not exceed 15% of demand liabilities. Any surplus, not allocated in accordance with the above, shall be transferred to the general revenue of the Cayman Islands Government. Note 17 - Reserves and Capital continued 2009/10 2008/9 2007/8 $ 2008/9 $ 2007/8 $ Budget Estimated Actual Actual Capital: The capital of the Authority is $100,000,000. The Cayman Islands Government is the sole subscriber.